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fiscal deficit. >> david, rapidly shrinking, the deficit is going down. $17 trilli $17 trillion debt and a deficit higher than the one he received from his predecessor? >> the debt is higher. we would be in much better economic shape and young people would have better job opportunities if we weren't shrinking so fast. we have gone from 10%, basically what he inherited down to 4% of the economy and on the way down to 2% by the end of the president's term. if he were not to doing this about spending and we were invest can in the future, in education, research, we are seeing american research going to china and we are not spending tax dollars on basic research, which corporations don't do. >> that's always been done by government. so, neither the finding about young people is surprising, nor is the president's focus. yeah, we have brought down the deficit is what he is saying, significantly, 90% of americans seem to be unaware of this. million americans receiving disability benefits. 47 million on food stamps? >> yeah. >> torn in 4 million on long-term, getting unemployment benefits. th
fiscal deficit. >> david, rapidly shrinking, the deficit is going down. $17 trilli $17 trillion debt and a deficit higher than the one he received from his predecessor? >> the debt is higher. we would be in much better economic shape and young people would have better job opportunities if we weren't shrinking so fast. we have gone from 10%, basically what he inherited down to 4% of the economy and on the way down to 2% by the end of the president's term. if he were not to doing this...
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but to end the deficit we need growth. economic growth. that's why we had surpluses at the end of the clinton administration, because we had growth. part of the reason the deficit is likely to come down the future to some degree is because the economy looks better over the longer term than we thought it was going to be. but you still have to make these tough political decisions. if the president had early on taken the bull sense proposal which is deficit reduction group that he had appointed and headed from the state of the union message okay they've given us this proposal. congress, go to work on it and get me a budget by july, six months from now. early in his career as president it might have changed the paradigm. >> one thing that was in the congressional in-box, you're going to tell us, may not be there any more. have they come to an agreement on the military appropriations. >> they have the national defense authorization has come an agreement. they announced they're going to fast track it to get it done before the house leaves at the
but to end the deficit we need growth. economic growth. that's why we had surpluses at the end of the clinton administration, because we had growth. part of the reason the deficit is likely to come down the future to some degree is because the economy looks better over the longer term than we thought it was going to be. but you still have to make these tough political decisions. if the president had early on taken the bull sense proposal which is deficit reduction group that he had appointed...
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i'm getting more deficit reduction. so the deficit will go down more by passing this than if we did nothing. that's point number one. point number two, there are no tax increases here. point number three, we're finally starting to deal with auto pilot spending. that mandatory spending that has not been addressed by congress for years. this isn't easy. this is the first divided government budget agreement since 1986. the reason why we haven't done a budget agreement when both houses were controlled by other parties since 1986 is because it's not easy to do. we're not going to get everything that we want and she's not going to get everything that she wants. >> what if they reject it. >> i think we'll pass there though the house. we'll go first given our schedules. we'll post this on our website this evening and we intend to bring it to the house floor later this week. i have every reason to expect great support from our caucus. we're keeping our key principles. no one here had to sacrifice their core principles. our princ
i'm getting more deficit reduction. so the deficit will go down more by passing this than if we did nothing. that's point number one. point number two, there are no tax increases here. point number three, we're finally starting to deal with auto pilot spending. that mandatory spending that has not been addressed by congress for years. this isn't easy. this is the first divided government budget agreement since 1986. the reason why we haven't done a budget agreement when both houses were...
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fiscal deficit. [ applause ] >> so that's step one towards restoring mobility. making sure our economy is growing faster. step two is making sure we empower more americans with the skills and education they need to compete in a highly competitive global economy. we know that education is the most important predictor of income today. so we launched a race to the top in our schools. we're supporting states that have raised standards for teaching and learning, we're pushing for redesigned high schools that graduate kids with in demand high-tech skills. we know it's harder to find a job today without some higher education, so we have helped more students go to college with grants and loans that go father than before. we have made it more practical to repay those loans. we're also pursuing an aggressive strategy to promote innovation that reigns in tuition costs. we have got to lower costs so that young people are not burdened by enormous debt when they make the right decision to get higher education. and next week michelle and i will bring together college president
fiscal deficit. [ applause ] >> so that's step one towards restoring mobility. making sure our economy is growing faster. step two is making sure we empower more americans with the skills and education they need to compete in a highly competitive global economy. we know that education is the most important predictor of income today. so we launched a race to the top in our schools. we're supporting states that have raised standards for teaching and learning, we're pushing for redesigned...
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in the fiscal year, the deficit as a percentage of g.d.p. dropped by 37%. there are still some challenges for the u.s. economy. but the current -- if the only thing congress does right now is to get out of the way, that itself would be progress. and that's our show for today on tuesday, the winners and losers in wall street annual bonus sweep stakes, in for ali valshi, thank you for joining us. homeowners, one minute home he is. what is going on. talk rabbiting numbers we have more homeless school age kids in america than ever before. >> right. >> so we have to have a whole new conversation about american
in the fiscal year, the deficit as a percentage of g.d.p. dropped by 37%. there are still some challenges for the u.s. economy. but the current -- if the only thing congress does right now is to get out of the way, that itself would be progress. and that's our show for today on tuesday, the winners and losers in wall street annual bonus sweep stakes, in for ali valshi, thank you for joining us. homeowners, one minute home he is. what is going on. talk rabbiting numbers we have more homeless...
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much more important than the fiscal deficit, the yearly fiscal deficit in this country which he points out is actually shrchging in his administration john. >> point out, this issue about the young people are disappointed with president and congress. >> part of the obama coalition that got him elected twice is young people, so-called millennials. folks at harvard has a unit that polled these folks. 18 to 25, bad news for the president, festival his approval rating down to 41%. that is a reflection of the population at large but down 11% since just this spring. and john earlier the president did some work to shore up the forecast, the so-called -- shore up the rveght affordable care a% of millennials disapprove of the affordable care act. have no plans to sign up. that's disappointing news. >> the numbers behind inequality could be surprising for many. jonathan betz has a closer look at what the president says is an economic inequality gap. >> simply put the poor are getting poorer and the rich are getting richer. first off, what does this mean? the median income for an american househo
much more important than the fiscal deficit, the yearly fiscal deficit in this country which he points out is actually shrchging in his administration john. >> point out, this issue about the young people are disappointed with president and congress. >> part of the obama coalition that got him elected twice is young people, so-called millennials. folks at harvard has a unit that polled these folks. 18 to 25, bad news for the president, festival his approval rating down to 41%. that...
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in the fiscal year, the deficit as a percentage of g.d.p. dropped by 37%. there are still some challenges for the u.s. economy. but the current -- if the only thing congress does right now is to get out of the way, that itself would be progress. and that's our show for today on tuesday, the winners and losers in wall street annual bonus sweep stakes, in for ali valshi, thank you for joining us. [ singing ] >> a day of remembrance and celebrations. tens of thousands gather to honour the life of nelson mandela. >> hello, i'm here at the f.n.b. stadium in soweto, where the world is paying its respects to nelson mandela. >> hello, live from doha withage of the memorial service. more than
in the fiscal year, the deficit as a percentage of g.d.p. dropped by 37%. there are still some challenges for the u.s. economy. but the current -- if the only thing congress does right now is to get out of the way, that itself would be progress. and that's our show for today on tuesday, the winners and losers in wall street annual bonus sweep stakes, in for ali valshi, thank you for joining us. [ singing ] >> a day of remembrance and celebrations. tens of thousands gather to honour the...
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there was a $330 million cumulated deficit over time, we had an $18 billion overhang. and so we were never able to go out and increase revenue. so the only way we stayed alive quite frankly is through cuts. and we cut everything that we could, but unless there is more investment coming into the city, and a new stream of revenue, there was no way to -- i guess to fix the problem, so now with bankruptcy eminent, i think our debt off of our balance sheet would be less than it is today, and that is going to be a positive on a going forward basis. >>> the mayor of detroit responding to a federal judge's ruling that detroit can proceed with its bankruptcy filing. bisi onile-ere is live from detroit. what is the reaction there. >> as you can see me there is a group gathered. and you have been very outspoken through this whole or deal. were you disappointed by the judge's decision? >> we were very disappointed. he basically found that terminating the pensions is legal. >> reporter: a lot of people are worried right now because of the ruling that came down. >> we're continuing
there was a $330 million cumulated deficit over time, we had an $18 billion overhang. and so we were never able to go out and increase revenue. so the only way we stayed alive quite frankly is through cuts. and we cut everything that we could, but unless there is more investment coming into the city, and a new stream of revenue, there was no way to -- i guess to fix the problem, so now with bankruptcy eminent, i think our debt off of our balance sheet would be less than it is today, and that is...
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it tells us if the vine is in a deficit or doing fine. >> with this, we can actually save water, which is an important thing. >> especially in california which seems like its been in remember. >> by eliminating water at the right times and by giving water at the right times, we can have those berries grow small. the smaller the berries, the buser the skin to juice ratio is. that means more robust, big, juicy wines. >> innovative technology also fine tunes the work at the crush pad. here, alias programs the optical sorter to choose grapes based upon a specific color. only the right ones. everything else gets dump here we notice the change almost overnight. the wine is only 5 or six days old. fresher, cleaner, more focused. it was we are going to check out a red wine ferm entation. >> what was sorted earlier? >> it looks look luke soup. >> they communicate with alias via wi-fi. >> if it gets too hot t will send me an alarm. fe fermentation team. >> i get a text and phone call. i have them at 2:00 in the morning sometimes. >> even the aging process it is technology. >> this was invented b
it tells us if the vine is in a deficit or doing fine. >> with this, we can actually save water, which is an important thing. >> especially in california which seems like its been in remember. >> by eliminating water at the right times and by giving water at the right times, we can have those berries grow small. the smaller the berries, the buser the skin to juice ratio is. that means more robust, big, juicy wines. >> innovative technology also fine tunes the work at the...
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so you need -- if you want to keep a deficit the way it is, you need to find some way to save money elsewhere if you're going to boost spending for the next two years which is what they're talking about. they're talking about cutting spending over a longer time frame in other areas. one area they might ask federal employees to pay a little more for their pension plans. another possible rumored area is they might hike the fees for airline security. now we don't know the exact details of these, and in some ways that's actually a good sign. the fact that a lot of these proposals aren't really leaking in their specifics means that the talks are still ongoing and that they're still productive and you know, a couple of people have said, once you start hearing these damaging leaks about oh, this isn't it or democrats are proposing this that's when things are falling apart. >> brad let me ask you, what are the chances of this deal as it's taking shape now passing both chambers, i'm particularly talking about the house, if you talk about fees that's easily construed as a tax. >> the house is a tricky
so you need -- if you want to keep a deficit the way it is, you need to find some way to save money elsewhere if you're going to boost spending for the next two years which is what they're talking about. they're talking about cutting spending over a longer time frame in other areas. one area they might ask federal employees to pay a little more for their pension plans. another possible rumored area is they might hike the fees for airline security. now we don't know the exact details of these,...
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but he said a rapidly growing of deficit opportunity is a bigger threat than the fiscal. we'll go to danny, professor of economics, great to have you back. >> thank you. >> a pleasure, you heard just a moment ago, america's dangerously growing income is defining the challenge of our time. is the president correct, or is he, as some would say, overstating the income inequality and wealth gap argument with that kind of a statement? >> no, if anything there is an understatement. he's absolutely correct saying that it is a defining problem. and this problem has just--it has been exacerbated by global pressures. it is an issue that the white house--i had an opportunity to attend a summit at the white house by the president's council with economic advisers. it is an issue that has to be addressed in light of what is taking place in the economy. >> let's drill down an a bit. we had a conversation before we went to air. as concerned as you are about income inyou quality, you're even more concerned about the wealth gap. >> if you look at income and equality. it is extreme and the
but he said a rapidly growing of deficit opportunity is a bigger threat than the fiscal. we'll go to danny, professor of economics, great to have you back. >> thank you. >> a pleasure, you heard just a moment ago, america's dangerously growing income is defining the challenge of our time. is the president correct, or is he, as some would say, overstating the income inequality and wealth gap argument with that kind of a statement? >> no, if anything there is an understatement....
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trade deficit was much larger than expected. that is the main cause for the current account balance deficit in october. the current account is not expected to continue in deficit. the weaker yen, that is pushing up energy costs. the trade deficit is expected to continue for the foreseeable future. even with the weaker yen, this'll push up export, but not enough to counter the effect of the higher cost of oil and gas. we are seeing an increase of consumer goods and the materials for housing and consumers to buy more. year, you willt see a lot more. that will push up the trade deficit even more. james in tokyo. thank you. program,g ahead on the the icing on the cake for the baking industry. more on that coming up later. and jpmorgan with a strong performance. when "asiaad to that edge" returns. ♪ .> breaking news an ipo is said to take place in everbright.r billionssaid to seek in hong kong dollars in shares sales. let's see what else is going on. positive news coming out of the u.s. on friday, helping wall street. john? five se
trade deficit was much larger than expected. that is the main cause for the current account balance deficit in october. the current account is not expected to continue in deficit. the weaker yen, that is pushing up energy costs. the trade deficit is expected to continue for the foreseeable future. even with the weaker yen, this'll push up export, but not enough to counter the effect of the higher cost of oil and gas. we are seeing an increase of consumer goods and the materials for housing and...
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as they were concentrated on deficit reduction and did not see the connection between deficit reduction and growth. they thought deficit reduction was a great policy. that was the mistake. they could not think in these dynamic terms. thaty do you not think this recovery will become a more broad-based recovery? there is some evidence that the export story is improving, manufacturing data has been improving. that data -- they are largely u.k. generated. it is internal rather than export. basic have to go back to theory. there are two drivers of economic growth. investment and there is consumption. you have got to look at what is happening to both of those components. and then you have to ask what are the chances that they will grow. i do not think investment -- it may have picked up a little bit. it is still very much lower than it was in 2007 in 2008. as for consumption, there has been a big decline in real earnings. over the last five years. >> how do we deal with that? this could come back to the tax story. >> that comes back to the tax story, it comes back to the way national insuranc
as they were concentrated on deficit reduction and did not see the connection between deficit reduction and growth. they thought deficit reduction was a great policy. that was the mistake. they could not think in these dynamic terms. thaty do you not think this recovery will become a more broad-based recovery? there is some evidence that the export story is improving, manufacturing data has been improving. that data -- they are largely u.k. generated. it is internal rather than export. basic...
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these upgrades are critically and reduction of the deficit. he would reduce the deficit by 10%. the hope is he can do more on that. have a lot of married couples and free school meals for kids. of course, the tapering with energy -- what will the impact be? [laughter] >> we would not want you to be chilly. that was manus cranny live from westminster. we will bring you a speech -- osborne's speech live. >> the ecb will publish its decision following last month's surprise rate cut. focus will be on mario draghi. here witherro is details. >> it is hard to follow manus cranny. [laughter] let's talk about these forecast. a reason many people thought they would cut a rate this month and not last month. the rate cut would come with the company forecast. what we will get is something as bright as the u.k.'s forecast. they currently predict one percent growth for next year at inflation is at 1.3%. that is well below the 2% target. it is important. it might sound a long way off. we know that dally on swift guidance -- dalliance on guidance -- you might get some color on that. >> and defla
these upgrades are critically and reduction of the deficit. he would reduce the deficit by 10%. the hope is he can do more on that. have a lot of married couples and free school meals for kids. of course, the tapering with energy -- what will the impact be? [laughter] >> we would not want you to be chilly. that was manus cranny live from westminster. we will bring you a speech -- osborne's speech live. >> the ecb will publish its decision following last month's surprise rate cut....
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get us growth slowdown going forward, we might not see the fiscal contraction of the deficit that we really need. essentially our spending habit 's have not changed that much. we have been in austerity for so long, it was a shame that it was not more structural change. >> what does it mean for sterling capitol when you look at the top 10 currencies. this is against the other nine. can its strength continue. >> it depends on the bank of england. if it threatens the inflation target of two percent, we have target. inflation and this could force the hand because the strong pound could all of a sudden having a real problem of their policy. now, there is a real threat of that sum will push this into deflationary territory. is that real concern for the bank of england? >> it is not on their forecasts at the moment that we have seen such a huge appreciation of sterling already. at 164 level does look very sticky. it will take a little to push us up there. if we were to see a 500 moving. >> thank you. we will get her thoughts on the ecb. >> fellow south africans, our beloved nelson mandela,
get us growth slowdown going forward, we might not see the fiscal contraction of the deficit that we really need. essentially our spending habit 's have not changed that much. we have been in austerity for so long, it was a shame that it was not more structural change. >> what does it mean for sterling capitol when you look at the top 10 currencies. this is against the other nine. can its strength continue. >> it depends on the bank of england. if it threatens the inflation target...
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japan's trade deficit is continuing. -- current-account deficit people are saying there is not going to be a permanent one but the trade deficit is going to continue for the foreseeable future. some economists have said the import ahead of the sales tax rise -- people are importing more housing materials and other products because people are expected to by those in the next five or six months. factor another temporary which is causing this deficit. >> thank you, james. down going to be breaking the latest economic data from china. ."ming up next on "on the move ♪ the scene at the moment at the imperial palace in tokyo. we had some weaker than expected growth. 1.9% up.economists say a weaker yen just above the 103 level helping exporters. take a look at what is going on with some of the others, metal zinc and aluminum on the way down. seng the gains of hang after 11 minutes of the trading day. out a inflation figures short while ago, fairly benign. less thanng up by october's figures would indicate. 2013 is on track to be one of the best years in a decade for u.s. stocks. analysis s
japan's trade deficit is continuing. -- current-account deficit people are saying there is not going to be a permanent one but the trade deficit is going to continue for the foreseeable future. some economists have said the import ahead of the sales tax rise -- people are importing more housing materials and other products because people are expected to by those in the next five or six months. factor another temporary which is causing this deficit. >> thank you, james. down going to be...
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you want to talk about the deficit. this will not go away. are people actually concerned about high deductibles? >> you certainly have a lot of republicans who will talk about it. there talking about the problems with healthcare.gov and they are also talking about the way the rubber meets the road. the prices that they are paying for premiums that are out there and the deductibles are going up as well. this is another talking point for them. they have criticized the health care law. we will have several members on capitol hill and this is one of the questions they will have to answer. rollout, theo the website is operating better. they will make this point over and over. >> lawmakers actually have a deadline of their own to sign up for the affordable care act. how is that going? >> there is actually a different website. technically, they are members of a small business. that is the congress of the united states. they are operating off of the d.c. exchange. the deadline is december 23. december 9 is the deadline for members of congress underst
you want to talk about the deficit. this will not go away. are people actually concerned about high deductibles? >> you certainly have a lot of republicans who will talk about it. there talking about the problems with healthcare.gov and they are also talking about the way the rubber meets the road. the prices that they are paying for premiums that are out there and the deductibles are going up as well. this is another talking point for them. they have criticized the health care law. we...
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talk about a deficit. we will see if we have anything that has not been leaked to the market. we have a statement and there is a bit in this statement. joining later with the details. >> we have the forecast from the ecb >> it is higher. do not expect that from the ecb. the rate policy could go and it surprised everyone. is that the ecb has more work to do. >> we have corporate news. >> keep a look on the luxury markets. it could go a little bit higher. shares and weo .5 see it down. it is more luxurious. it is dependent on europe. and it is in the wholesale market. you let's go to our international correspondent. gaining mobile may be state approval for a new license. that could mean assets and 8 million subscribers. the next month, the iphone is on sale. >> thank you so much. a center and a stamp of approval from regulators in china. general motors is rolling chevrolet. out andputting a note charges 700 million in to the european companies. it is focusing on this. we will have more on this car sector later today you have the statement and a little bit of luxury. >> it is bus
talk about a deficit. we will see if we have anything that has not been leaked to the market. we have a statement and there is a bit in this statement. joining later with the details. >> we have the forecast from the ecb >> it is higher. do not expect that from the ecb. the rate policy could go and it surprised everyone. is that the ecb has more work to do. >> we have corporate news. >> keep a look on the luxury markets. it could go a little bit higher. shares and weo .5...
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robust is a healthy and urbanization, but we did have a deficit. one of the challenges to address was to know longer have a deficit. it created an entity that would enable a structure that would enable one to receive money, and those who gave money to get tax deductions was key. so we got a new irs status, c3 charitable foundation, and we also received chi museum.s the nogu prior to that, the noguchi foundation which was the museum was a program of. >> how would you describe the work of noguchi to those are not familiar with this culture or art? york, mother was from new his father was japanese. he called himself a global artist at the time. it was before the motions of multiculturalism and biracial. he was born in 1904. he was extraordinarily prolific in that he worked in parks, landscapes. he was a precursor to all of the artists that went on to be known as earthwork artists. he did parks, playgrounds, theater curtains, theater sets. he had an association with martha graham for 50 years. many people do not realize the big stainless steel piece in
robust is a healthy and urbanization, but we did have a deficit. one of the challenges to address was to know longer have a deficit. it created an entity that would enable a structure that would enable one to receive money, and those who gave money to get tax deductions was key. so we got a new irs status, c3 charitable foundation, and we also received chi museum.s the nogu prior to that, the noguchi foundation which was the museum was a program of. >> how would you describe the work of...
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sex we are running less of a deficit. that is good news. what if you drill down and talk thet individuals? >> it is verge because of the wealth effect. rising. have been consumers are at the upper end of the spectrum and have been really getting the benefit of higher net worth. here is net worth as a percent of disposable income. we have seen very sharp improvement that is driving the spending we are seeing in the economy. >> in other words, the total net worth is 600% of what you make. if you make 100,000, you are worth 600,000? >> exactly. s&p is up. equities are up. general home price valuations are up. we have been covering a lot of the lost wealth. five years after the financial crisis, we have recovered a lot of the wealth. the dominant theme for spending in 2014. >> that is very good news. we have breaking news i want to share with you on time warner cable. we have reported a number of inle carriers are interested comcast communications. according to bloomberg news, time warner is said to likely accept a share offer between 150 and 1
sex we are running less of a deficit. that is good news. what if you drill down and talk thet individuals? >> it is verge because of the wealth effect. rising. have been consumers are at the upper end of the spectrum and have been really getting the benefit of higher net worth. here is net worth as a percent of disposable income. we have seen very sharp improvement that is driving the spending we are seeing in the economy. >> in other words, the total net worth is 600% of what you...
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way, maybe this thing with take off area >> i think there has been a huge miss focus .n the budget deficit it is really a long-term problem. the key thing you want to do right now is get the economy back on its feet and coming along. you are actually slowing that recovery down. i think it is just misguided policy. we do not expect that to last forever. we are also saying state and local government coming back a little bit more. that may offset the track we're going to get. >> you just mentioned that modesty oh moderate phrase. as you mentioned, the last four days books contain that wording. should we read anything into that? what does it say about the growth expectations going forward? >> we have seen the fed consistently lower their projections. they have been more realistic. anticipating that growth will pick up, the key issue for the fed, and particularly with a new fed chair coming in, janet yellen is going to be preoccupied in this guiding -- and deciding when to taper and how rapidly to taper. more important like, how to communicate detentions to the markets. landly, the asset purcha
way, maybe this thing with take off area >> i think there has been a huge miss focus .n the budget deficit it is really a long-term problem. the key thing you want to do right now is get the economy back on its feet and coming along. you are actually slowing that recovery down. i think it is just misguided policy. we do not expect that to last forever. we are also saying state and local government coming back a little bit more. that may offset the track we're going to get. >> you...
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resolutions and increasing the debt ceiling, these four suction to start dealing with our long-term debt and deficit. -- do not what i would say is we have the budget control act and if congressman ryan and senator murray cannot come up with some kind of good deal, i hope they at least has a clean continuing resolution. democratic senators voted for it and they should at least free that. i don't want to shut down the government. i don't think any republican does. >> bank of england governor mark carney spoke with charlie rose last night. i it's fair to say and hesitate to comment on other people's politics, but it is widely acknowledged here as well as in central banking circles that a series of decisions on the fiscal side, a series of steps and incentives, kicking the can down the road, but in the worst sense of the word because we have just gone through 2013, another disappointing year as i said in my speech today, with huge fiscal drag, almost two percentage points of gdp. that does not do anything to fix the longer-term fiscal problems, entitlement and others. you have a lot of the pain without
resolutions and increasing the debt ceiling, these four suction to start dealing with our long-term debt and deficit. -- do not what i would say is we have the budget control act and if congressman ryan and senator murray cannot come up with some kind of good deal, i hope they at least has a clean continuing resolution. democratic senators voted for it and they should at least free that. i don't want to shut down the government. i don't think any republican does. >> bank of england...
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the country's economy has reportedly been stronger as they forecast a narrow trade deficit for the u.k.. more on the trade market in 30 minutes. ♪ >> this is "money moves," where we focus on innovative alternative investments. here are your bloomberg top headlines. we are following john paulson, making a comeback after a few years of wrongly invested, his investment fund is up 30% this year, according to people briefed on the returns. profitable positions on m&a are part of the strength. he is best known for making 15 billion dollars by betting against subprime in 2006 and 2007. the new american airlines has taken off, the merger between american and u.s. air officially closed today, creating the world's largest carrier. the new ceo says that flyer should not be worried about the changes. the employees, the airplanes, that is how this merger works. we need all of that. the networks are highly complementary. so, we put the networks together and we have everything we need. the supply is unchanged. if the supply is unchanged and demand remains constant, there should be no changes in pri
the country's economy has reportedly been stronger as they forecast a narrow trade deficit for the u.k.. more on the trade market in 30 minutes. ♪ >> this is "money moves," where we focus on innovative alternative investments. here are your bloomberg top headlines. we are following john paulson, making a comeback after a few years of wrongly invested, his investment fund is up 30% this year, according to people briefed on the returns. profitable positions on m&a are part...
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ist they ought to do now figure out a way to address that long-term deficit because it is rather painless in the immediate future. politicians, the future there will be nothing of significance that comes out of this deal. >> let's say they get a deal but lawmakers still push back. what does that say about what is happening in the sea -- in d.c.? >> if i was a good speller i would say it is his function. i don't spell very well. now the democrats -- and they need democratic votes to get this through the house -- the democrats are complaining federal workers having to pay their pensions. workers, someal of the republicans don't like the idea of replacing the sequester. they don't even like some of the user fees that are going to be imposed on airline passengers and customs. even the small stuff in today's climate draws a flag. do we need a clinton or christie in the white house? >> i'm not even sure the big c would do it right now. the parties are so divided. that is such polarization those in the middle get hit from both sides. we probably need to go through a crisis or two or an election
ist they ought to do now figure out a way to address that long-term deficit because it is rather painless in the immediate future. politicians, the future there will be nothing of significance that comes out of this deal. >> let's say they get a deal but lawmakers still push back. what does that say about what is happening in the sea -- in d.c.? >> if i was a good speller i would say it is his function. i don't spell very well. now the democrats -- and they need democratic votes to...
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Dec 6, 2013
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we have a deficit that is following -- falling like a rock, and mortgage origination. the fed is not only a 500 pound gorilla in those markets, they are now the only gorilla in the jungle buying in those markets, and that is something they are concerned about as well. >> diane swonk, thank you for joining us. also, michael mckee, peter cook, and alix steel. we will be focused on this big drop we have seen in the jobless rate down to 7%. we will also get reactions to the jobs report from the ceo of pimco, mohamed el-erian, and the obama administration's reaction from labor secretary tom perez. ♪ >> well it seems like the whisper numbers were right. we got a huge surprise on the upside for jobs. to jobless rate went down 7%. i want to bring in someone who lives for jobs days. he loves these days because the data tells the story. tom keene is with us. you talk to bill gross. >> i want to make clear, this is a sport. just before the report i put out my last guess, and that was 200- 5000. >> who is bragging now? >> it is not my point, it is drew matus at ubs nailing the u
we have a deficit that is following -- falling like a rock, and mortgage origination. the fed is not only a 500 pound gorilla in those markets, they are now the only gorilla in the jungle buying in those markets, and that is something they are concerned about as well. >> diane swonk, thank you for joining us. also, michael mckee, peter cook, and alix steel. we will be focused on this big drop we have seen in the jobless rate down to 7%. we will also get reactions to the jobs report from...
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Dec 7, 2013
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the mandatory spending programs, get a net deficit reduction package. if they can get that's a good deal. >> but they can't. of course you're right about the defense and buck mccann is right. if you look at the line, if you look at the base line, they're up 19% over the next bunch of years out the 2021 or something. 2014 they take another hit. i get that. however from that base it rises about 18 or 19%. that's pretty good. >> the other argument for getting the deal is that these discretionary cuts are written on paper. every congress can undo them. if you start changing the federal retirement program, it sticks. if you start changing aviation fees it sticks. if you change the mandatory programs like farm or spectrum rights they stick. you change the long term as well as the short term. it's worth trying to get a deal. not every deal is acceptable. the parties are very far apart on the big items. so if there's a small deal where you can get enough overlap and get each side to take some bad votes it's worth trying to get it done. >> let me go back to you
the mandatory spending programs, get a net deficit reduction package. if they can get that's a good deal. >> but they can't. of course you're right about the defense and buck mccann is right. if you look at the line, if you look at the base line, they're up 19% over the next bunch of years out the 2021 or something. 2014 they take another hit. i get that. however from that base it rises about 18 or 19%. that's pretty good. >> the other argument for getting the deal is that these...
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Dec 2, 2013
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it was the highest deficit in history. when i asked him about tapering, he said anything that's good for the u.s. economy is necessarily going to be good for the israeli economy. they're the largest trading partner with israel and the e.u. is second. the conciliatory tone is one that we heard him talking about tehran. we're hearing it from the gulf states as well. you have the gulf arabs as well as the israelis, they're kicking at the traces but in the end they realize they're still pulling the same cart, which is the cart of the u.s. foreign policy so they have to get on board at some point. later this week in bahrain, foreign ministers from the united states, from the u.k., gulf states, egypt will be meeting and sitting down. they invited their iranian counterpart as well. we can learn more about how this agreement is going to play out. >> yeah. so we'll have to see how that plans out, hadley. another follow-up. cutting things, that's interesting when we're wondering what was going to happen with iran. >> exactly. he gav
it was the highest deficit in history. when i asked him about tapering, he said anything that's good for the u.s. economy is necessarily going to be good for the israeli economy. they're the largest trading partner with israel and the e.u. is second. the conciliatory tone is one that we heard him talking about tehran. we're hearing it from the gulf states as well. you have the gulf arabs as well as the israelis, they're kicking at the traces but in the end they realize they're still pulling the...
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Dec 5, 2013
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we've got the deficit cut, we've got public spending finally coming down. as you've said, the budget surplus on the horizon, that's big news. he will say austerity and balancing the books needs to be central to the government's policy going forward. now, whether that's pushing out the pensionable age or a further squeeze on public spending, some of that detail is going to be heard, it's going to be changes to energy prices, it's going to be changes to possibly some of their corporation tax, a freeze on business rates, but essentially it's going to away fiscally neutral budget with a tone saying tax cuts, they may kot come in the future, but not until we've secured recovery. we will have, however, gdp revisions up towards. the uk economy is booming. some experts are saying that the uk could be the most successful economy within the fw7 nations by the end of the year. with us here to discuss that further is steve radially, director of policy at trade manufacturing body eef. steve, finally, do we have a balanced recovery in the uk? we had positive manufacturin
we've got the deficit cut, we've got public spending finally coming down. as you've said, the budget surplus on the horizon, that's big news. he will say austerity and balancing the books needs to be central to the government's policy going forward. now, whether that's pushing out the pensionable age or a further squeeze on public spending, some of that detail is going to be heard, it's going to be changes to energy prices, it's going to be changes to possibly some of their corporation tax, a...
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the deal would do nothing to significantly reduce the deficit. nor does it raise taxes nor reform entitlement programs like medicare and social security. democrats say it's not a deal breaker if it's not done by january. they could target about $65 billion in alternative policies. the spirited bipartisan may exist elsewhere on capitol hill as well. last week lawmakers said they've made progress towards passing the first new five-year farm bill since 2008. they've yet to agree on the most politically sensitive topic though, how much to trim from the u.s. food stamps program. house republicans want to cut spending by 40 billion while senate democrats have agreed to trim 4 billion. that's what we're watching in washington next week. >> not much of a gap between 40 and 4. thanks for that, mary. >>> joining us for more is morris reid managing director tina fordham is still in the studio. morris, thank you for joining us. are we going to get an agreement this week on something? >> i think so. there's a lot of pressure on congress from the business comm
the deal would do nothing to significantly reduce the deficit. nor does it raise taxes nor reform entitlement programs like medicare and social security. democrats say it's not a deal breaker if it's not done by january. they could target about $65 billion in alternative policies. the spirited bipartisan may exist elsewhere on capitol hill as well. last week lawmakers said they've made progress towards passing the first new five-year farm bill since 2008. they've yet to agree on the most...
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Dec 6, 2013
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account deficits even when commodity prices were at their peak. and it's pretty clear that chinese growth is growing. it shifted away from the heavy commodities driven industries. there's a lot of investment over the last couple of years, pushing up gdp, and they're all looking to find a way to replace the stimulus that they've had from that commodities sector, from its growth, and that's going to be hard to find. weakening the currency is the most obvious path to follow and they're all doing it. i think in g-10 it's done as a o policy tool. >> traders on g-10 today with the u.s. nonfarm payrolls coming out, steven england, i'm going to ask you about that in just a bit. >>> now we're shaping up in equity markets, ahead of that all-important jobs number out of the states, so far we've got a market that is moving higher, 0.4% firmer is the early picture. the german market has been strong today. you're seeing selling across on the periphery. you can see the state of play. you can see the xetra dox nax n 0.6% higher. it is gaining pace through wrought
account deficits even when commodity prices were at their peak. and it's pretty clear that chinese growth is growing. it shifted away from the heavy commodities driven industries. there's a lot of investment over the last couple of years, pushing up gdp, and they're all looking to find a way to replace the stimulus that they've had from that commodities sector, from its growth, and that's going to be hard to find. weakening the currency is the most obvious path to follow and they're all doing...
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they have a big current account deficit. if and when we see a beg effect on tapering, we may see them suffer. >> violence with the mines. this is a nation that has a lot of questions open. >> absolutely. he didn't solve everything but certainly i think things could have been far worse. >> and also the metamorphosis just as gorbachev was changing the world as well. >> he shifted in four years. the castro bothers, 50 years, they still haven't. >> it's nice seeing you down here. >> you, too. >> as massive ice storm is moving across the country bringing freezing rain, snow, sleet and jim cantore joins us. >> reporter: thank you very much. normally in the east the sun comes back up and it warms up and everything melts. unfortunately it's only going to get colder. this morning we started out at 30 degrees and now it's all frozen and the same this evening is happening on the road. you'll notice the cake and the glaze, you have to pry this off. the salt and sand trucks are dealing with the main there owe fair -- thoroughfares. but m
they have a big current account deficit. if and when we see a beg effect on tapering, we may see them suffer. >> violence with the mines. this is a nation that has a lot of questions open. >> absolutely. he didn't solve everything but certainly i think things could have been far worse. >> and also the metamorphosis just as gorbachev was changing the world as well. >> he shifted in four years. the castro bothers, 50 years, they still haven't. >> it's nice seeing you...
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Dec 4, 2013
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you'll see the deficit fall from about 120 billion to about 105, 110 billion. you've got a number of policies in place. you've got things like the energy prices. some of those green measures being brought into general taxation. you've got free lunches, the free zone fuel duty. >> i've got free lunches? have i? >> you specifically, the government has targeted you. you also might get a few bits of tinkering around the edges. >> i don't know if i want someone to tinker around my edges. >> especially after a free lunch. >> is that why you get the free lunch? okay. i see what the price is now. >> now, you might get an announcement that they're going to start a second wave of privatization. that's going to be a retail offering. you might hear something on rbs or the bank levy and you might get some things like foreign owners in the property in the uk harder with capital gains tax. so little bits and pieces. a free zone business trade. >> thanks for that. plenty more to come. of course, we have extended programming tomorrow for the chancellor's autumn statement and it
you'll see the deficit fall from about 120 billion to about 105, 110 billion. you've got a number of policies in place. you've got things like the energy prices. some of those green measures being brought into general taxation. you've got free lunches, the free zone fuel duty. >> i've got free lunches? have i? >> you specifically, the government has targeted you. you also might get a few bits of tinkering around the edges. >> i don't know if i want someone to tinker around my...
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october trade balance is a deficit of 40.6 billion. extremely close to expectations. last month ramped up a bigger red tape from originally released 41.8 to 43 billion. how does 46 fit in? not going to change the recent range. august 38 and change and been as high this year in the 43 area just like the revision last month. it still isn't negative news. foreign exchange is going to be a big gi. japanese will reintroduce a new r generation. watch the currency as we strengthen exports. it's going to be a big issue along with european banks next year. >> thank you rick. see you later buddy. >> see you later joe. >>> the the brightest minds leading to charge the disrupt, innovate, reimagine the way we learn. our next guest gave up tenor. he found google x. thank you for being here today. >> it's great. >> let's talk about how you struck out from stanford on your own to start this project. you were tenor there, had a great gig. you did an experiment in 2011 you put a class online, offered artificial intelligence. who showed up to do that class? >> we sent e-mail this class
october trade balance is a deficit of 40.6 billion. extremely close to expectations. last month ramped up a bigger red tape from originally released 41.8 to 43 billion. how does 46 fit in? not going to change the recent range. august 38 and change and been as high this year in the 43 area just like the revision last month. it still isn't negative news. foreign exchange is going to be a big gi. japanese will reintroduce a new r generation. watch the currency as we strengthen exports. it's going...
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Dec 10, 2013
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it would involve some deficit reducti reduction. you have got no tax increases in this although there will be an increase in aviation fees, something that the house and senate and obama administration expressed tsh in before. they do hit things we are waiting to see whether or not there is any sort of agreement. democrats made that last minute demand. we don't think it will be part of this deal. we may get an agreement to vote on a short term extension. the congress should do by the end of next week with something good to tell their constituents. >> appreciate it. a budget deal will be announced. i want to pull this back into the taper. part of that is the notion that there will be a budget deal. does that increase the odds in your view? >> it's amazing how the stars -- maybe it's not amazing. >> the job's numbers are better. the deal comes through. >> it's all coming together. >> the fed could not do anything. >> this is great news. the two brain cells part of this is i think this is the next leg up. if you get corporations to star
it would involve some deficit reducti reduction. you have got no tax increases in this although there will be an increase in aviation fees, something that the house and senate and obama administration expressed tsh in before. they do hit things we are waiting to see whether or not there is any sort of agreement. democrats made that last minute demand. we don't think it will be part of this deal. we may get an agreement to vote on a short term extension. the congress should do by the end of next...
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Dec 10, 2013
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the deficit is going to come down because outlays are frozen and receipts look pretty good. the bigger story is that all this confusion in the markets and corporate america, among investors over fiscal policy, i think, now gets eliminated for a nice stretch, maybe a year and a half, without everyone having to worry about a shutdown or a debt ceiling crisis. that's a good story. >> yeah, that is a good story. is this deal going to get through the house easily? what's going to happen with the tea party members? >> nothing gets through the house easily. it will be a tough one, ross, as we get through thursday and friday. there will be a lot of tea party members .some democrats who don't like another hit on federal employees who can balk. but i think the majority, which will be boehner and the republican leadership with pelosi and most democrats, that coalition that we've seen a couple of times already this year, i think, will prevail on friday and we'll get a deal. >> okay. which as you say would take pressure away from us heading into 2014. does that take away one other potent
the deficit is going to come down because outlays are frozen and receipts look pretty good. the bigger story is that all this confusion in the markets and corporate america, among investors over fiscal policy, i think, now gets eliminated for a nice stretch, maybe a year and a half, without everyone having to worry about a shutdown or a debt ceiling crisis. that's a good story. >> yeah, that is a good story. is this deal going to get through the house easily? what's going to happen with...
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reduction, maybe $20 billion of deficit reduction, but we're not at the goal line yet. members have been meeting, their staff has been meeting. a lot of members have gone to south africa for the mandela funeral as president obama and president bush did. you have the snow day in washington where because of that relatively modest snowstorm by the standards of many people in the midwest and other parts that get a lot of snow, it nevertheless shut down the federal government. talks are going on. we're in a last-minute posturing phase where republicans are saying you've got to have this amount of deficit reduction in order for us to agree to the deal and democrats are saying, including people like steny hoyer saying you can't take as much out of retirement as you're going to take. i do think it will get done. they had originally planned to announce the deal today and vote on it on thursday. i think that time frame could slip a little bit, at least on the announcement part. we'll see whether they can get it done by the end of the week and go home and tell their constituents t
reduction, maybe $20 billion of deficit reduction, but we're not at the goal line yet. members have been meeting, their staff has been meeting. a lot of members have gone to south africa for the mandela funeral as president obama and president bush did. you have the snow day in washington where because of that relatively modest snowstorm by the standards of many people in the midwest and other parts that get a lot of snow, it nevertheless shut down the federal government. talks are going on....
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Dec 5, 2013
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the trade deficit narrowed. new home sales were gangbusters. the ism services, little soft but still pretty good in the mid 50s. the fed beige book, pretty darn good. i'm not counting today's little -- this little three or four day thing, it's not a real question. why isn't good news good news? you look at these numbers and you could say to yourself, the economy is getting better. >> yeah, i think that in the end will be good news for the market, larry. in the meantime i think the market's saying, okay, if the news is good, maybe the fed tapers sooner rather than later. i'm not sure i like that so much. that's one explanation. i think another is, hey wait a minute, we're up a double digit percentage. we're up a lot in a short amount of time. we're discounting some good news. i'm tired. i'm going to take a rest. i think that's a bit what's going on here. >> protect your gains, that's what you're saying. >> here here. >> let me ask you this. okay. so you're janet yellen. you're going to be janet yellen tonight. you're coming in. i know she's not
the trade deficit narrowed. new home sales were gangbusters. the ism services, little soft but still pretty good in the mid 50s. the fed beige book, pretty darn good. i'm not counting today's little -- this little three or four day thing, it's not a real question. why isn't good news good news? you look at these numbers and you could say to yourself, the economy is getting better. >> yeah, i think that in the end will be good news for the market, larry. in the meantime i think the...
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it's the moral and religious and spiritual deficit we have to work on. but let's not damage the economy in the process. i'm kudlow. we'll have more on this later. '. that's correct. cause i'm really nervous about getting trapped. why's that? uh, mark? go get help! i have my reasons. look, you don't have to feel trapped with our raise your rate cd. if our rate on this cd goes up, yours can too. oh that sounds nice. don't feel trapped with the ally raise your rate cd. ally bank. your money needs an ally. the american dream is of a better future, a confident retirement. those dreams, there's just no way we're going to let them die. ♪ like they helped millions of others. by listening. planning. working one on one. that's what ameriprise financial does. that's what they can do with you. that's how ameriprise puts more within reach. ♪ if every u.s. home replaced one light bulb with a compact fluorescent bulb, the energy saved could light how many homes? 1 million? 2 million? 3 million? the answer is... 3 million homes. by 2030, investments in energy effici
it's the moral and religious and spiritual deficit we have to work on. but let's not damage the economy in the process. i'm kudlow. we'll have more on this later. '. that's correct. cause i'm really nervous about getting trapped. why's that? uh, mark? go get help! i have my reasons. look, you don't have to feel trapped with our raise your rate cd. if our rate on this cd goes up, yours can too. oh that sounds nice. don't feel trapped with the ally raise your rate cd. ally bank. your money needs...
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Dec 6, 2013
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however, there's very little long-term deficit reduction in this deal. we're talking about putting off decisions about raising taxes or cutting medicare and social security. we also have a last-minute hangup over unemployment benefits, the extension of unemployment benefits. democrats want that, republicans say they're not that serious about it, it's not clear whether or not democrats are going to put their foot down and say no deal until then. what i think we know is that there will not be a deal today. house leadership aide told me he expects early next week a deal to be announced by patty murray, the democratic chair of the budget committee in the senate. paul ryan, the republican budget committee chair in the house. then the house and senate pass it before christmas. they leave next week actually for their christmas break. so they would end the year on a positive note. it would dramatically reduce the risk of a government shutdown in january and does not resolve our long-term budget issues. >> does it resolve the debt ceiling deadline which is some t
however, there's very little long-term deficit reduction in this deal. we're talking about putting off decisions about raising taxes or cutting medicare and social security. we also have a last-minute hangup over unemployment benefits, the extension of unemployment benefits. democrats want that, republicans say they're not that serious about it, it's not clear whether or not democrats are going to put their foot down and say no deal until then. what i think we know is that there will not be a...
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getting relieved and stitching together solutions to fill in the gaps financially even at a little deficit reduction on top of that, things like raising the fees for airline companies pay for for airport security, that's on the revenue side and on the spending side, curbing federal retirement which some lawmakers don't like but it's a way to get some money. >> jon, thanks for the update. appreciate it very much. john harwood. ty, up to you. >> herbal life may be turning the tables on the hedge fund titan bill ackman. plus, this brings new meaning to the term ski out. how the middle class are getting squeezed out of the slopes this season. the power rundown is next. we'll tell you all about it. tdd# 1-800-345-2550 searching for trade ideas that spark your curiosity tdd# 1-800-345-2550 can take you in many directions. tdd# 1-800-345-2550 you read this. watch that. tdd# 1-800-345-2550 you look for what's next. tdd# 1-800-345-2550 at schwab, we can help turn inspiration into action tdd# 1-800-345-2550 boost your trading iq with the help of tdd# 1-800-345-2550 our live online workshops tdd# 1-8
getting relieved and stitching together solutions to fill in the gaps financially even at a little deficit reduction on top of that, things like raising the fees for airline companies pay for for airport security, that's on the revenue side and on the spending side, curbing federal retirement which some lawmakers don't like but it's a way to get some money. >> jon, thanks for the update. appreciate it very much. john harwood. ty, up to you. >> herbal life may be turning the tables...
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because the deficits are coming down. because of the sequester they all want to get rid of. yeah, it really -- we start to go so far down the rabbit hole i need a pole to get some air down here. >> you need some air. get that guy a glass of water, quick. jim lowell, what are you doing to put money to work right now? >> let me give rick santelli a little bit of air. as a bow tie wearing yankee i'm used to being the skeptic in the room. i'm not worried at all. the u.s. consumer is in good shape. consumers across the pond, in the eurozone -- >> yeah, consumption and gdp was just off the charts, wasn't it? >> it was okay, rick. it's been okay -- >> okay is much different than good. >> grading on a curve. >> as long as that continues for real world investors and for my clients, we've been able to make significant gains. i certainly am not surprised by the pullback in the market. look, after heapings of gains it's only natural the market takes a little bit of a diet. the reality is going forward large cap, multinational blue chip, balance sheets look great. >> why doesn't the fed
because the deficits are coming down. because of the sequester they all want to get rid of. yeah, it really -- we start to go so far down the rabbit hole i need a pole to get some air down here. >> you need some air. get that guy a glass of water, quick. jim lowell, what are you doing to put money to work right now? >> let me give rick santelli a little bit of air. as a bow tie wearing yankee i'm used to being the skeptic in the room. i'm not worried at all. the u.s. consumer is in...
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does not decrease the deficit. offset by additional revenue and budget cuts. they would not be tax increases and not cuts to medicare and social security or agriculture program but much more mundane things like fees and asset sales and cushing federal retirement, all ways in which the congress hopes it can avoid a shutdown in january and get us back into more stable budgeting environment. >> when is a fee a fee and a tax a tax. john harwood will explore that in the days ahead. >>> we've heard from fast woodworkers, economists on the debate. today an industry executive to tell us what it will really mean for his business. joining me, jamie richardson, vice president of white castle. thank you for being here. >> good to be with you, kelly. >> you say if we raise the minimum wage, president says from $7.25 an hour to, perhaps, $10 an hour. what the direct effect on white castle? >> groups pleading to raise the minimum wage to $15 an hour. to more than double the mandated minimum wage, it would be catastrophic for white castle, our team members and neighborhoods.
does not decrease the deficit. offset by additional revenue and budget cuts. they would not be tax increases and not cuts to medicare and social security or agriculture program but much more mundane things like fees and asset sales and cushing federal retirement, all ways in which the congress hopes it can avoid a shutdown in january and get us back into more stable budgeting environment. >> when is a fee a fee and a tax a tax. john harwood will explore that in the days ahead....
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but it wouldn't have much deficit reduction. it would not go after any of the hot button items like social security or medicare, which need to be dealt with over the long-run. it wouldn't close any tax loopholes. those things have proven too partisan for these budget negotiators to tackle. yesterday, in the nfl, the kicker for the denver broncos made a 64-yard field goal. record for the nfl. this is more like a 6-yard field goal. they haven't kicked it yet. i do think they will before congress goes home. it is a minimum achievement for people to cheer about. >> john, it is interesting when you talk about some of the little sticking points here. one is the benefits for the long-term unemployed. that is making up a record percentage of the people in this country who are unemployed. do you get the sense that congress is looking at the jobs report and saying, hey, maybe we shouldn't move the needle on that right now? >> i think that is difficult in part, because when you look at the size of this deal, we are only talking about $90 b
but it wouldn't have much deficit reduction. it would not go after any of the hot button items like social security or medicare, which need to be dealt with over the long-run. it wouldn't close any tax loopholes. those things have proven too partisan for these budget negotiators to tackle. yesterday, in the nfl, the kicker for the denver broncos made a 64-yard field goal. record for the nfl. this is more like a 6-yard field goal. they haven't kicked it yet. i do think they will before congress...
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. >> if you had that deficit of caloric intake. >> we have a camera. >> stop. >> wow. >> they're solving your first world problems, there you go. >> another issue you've been looking at is educational disruption. we've been talking about that, where do you think the winners are? >> that was on camera. is that my age or iq? >> i'm terrified of buying the ulta vista of this. the entrenched -- all the reasons that this part of the economy has failed to adapt are mostly still in place. . i think it'll take a while to unwind and fix itself. we haven't put our bets down on that trend but it's going to be big, it has to be. >> what has to happen before you'll put money on the table for this? >> you know, a lot of people say there's not a lot of money in that because they're college students. come on, that's b.s., budweiser makes a lot of money. we find someone who is making money. >> i think you look good. i do. >> -- a revision to the third quarter gdp. rick santelli standing by in chicago. take it away. >> all right. our second look at third quarter gdp is off the charts out of expectation ra
. >> if you had that deficit of caloric intake. >> we have a camera. >> stop. >> wow. >> they're solving your first world problems, there you go. >> another issue you've been looking at is educational disruption. we've been talking about that, where do you think the winners are? >> that was on camera. is that my age or iq? >> i'm terrified of buying the ulta vista of this. the entrenched -- all the reasons that this part of the economy has failed...
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Dec 9, 2013
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we have all budget surplus, i walked in with a budget deficit, i now have a $1.2 billion surplus. we're making our economy the opportunity economy where, you know, if you want to build a business, you can -- and you want to get a job, you come to florida. >> your unemployment rate has dropped quicker than any other state, i know that. and you're now -- >> 6.7 -- >> which is below, we got down to -- >> 7%. >> i don't know, yeah. anyway, you're at 6.7%, were you higher? i would think you'd always be below. >> unemployment went from 3.5% to 11.1%. >> where was the national average? >> 9%. >> never got above -- >> i think it was nine when i came -- >> maybe ten. >> i think it was nine when i came in. in the month of october, we generated private sector jobs, my good friend governor perry, only had 12,000 jobs. >> oh, you two guys go at each other. i see that a lot. that's a great rivalry. almost like a football -- >> he was number one. what do you want to be? i want to be number one. so i go after number one. >> what's the minimum wage? >> it's $7.67. >> is that a way to help with dis
we have all budget surplus, i walked in with a budget deficit, i now have a $1.2 billion surplus. we're making our economy the opportunity economy where, you know, if you want to build a business, you can -- and you want to get a job, you come to florida. >> your unemployment rate has dropped quicker than any other state, i know that. and you're now -- >> 6.7 -- >> which is below, we got down to -- >> 7%. >> i don't know, yeah. anyway, you're at 6.7%, were you...